The IMF provides loans to countries in financial distress at a relatively low interest rate. In this article we calculate how much the seven largest debtors to the IMF have saved on interest payments during the Asian crisis and its aftermath. We explain how the IMF can charge these low interest...

The IMF provides loans to countries in financial distress at a relatively low interest rate. In this article we calculate how much the seven largest debtors to the IMF have saved on interest payments during the Asian crisis and its aftermath. We explain how the IMF can charge these low interest...

The banking literature has established that banks can alleviate information asymmetries between lenders and borrowers, while the Q literature has used cash flow sensitivity analysis to test whether financing constraints hinder investment. This paper investigates whether bank ties in Japan were...

Unexpected wet harvest seasons can have catastrophic consequences for the Australian sugar industry. With operational forecasting systems we typically have to wait until the end of Autumn (e.g. June) before more skilful forecasts can be produced about the harvest season ahead. Many important...

The Flat-Plate Solar Array (FSA) Project, funded by the U.S. Government and managed by the Jet Propulsion Laboratory, was formed in 1975 to develop the module/array technology needed to attain widespread terrestrial use of photovoltaics by 1985. To accomplish this, the FSA Project established...

Among the policy responses to the global financial crisis, the international provision of US dollars via central bank swap lines stands out. This paper studies the build-up of stresses on banks' balance sheets that led to this coordinated policy response. Using the BIS international banking...

Since the mid-1990s, major Japanese banks have sold off a significant portion of their holdings of corporate equity. Using information on the identity of Japanese firms' top 10 shareholders, this paper explores the process of banks' equity disposal. There is some evidence that, after FY2001,...